financetom
Business
financetom
/
Business
/
Alibaba's China e-commerce platforms to accept Tencent's Wechat Pay
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Alibaba's China e-commerce platforms to accept Tencent's Wechat Pay
Sep 6, 2024 9:29 AM

SHANGHAI, Sept 4 (Reuters) - Chinese e-commerce giant

Alibaba's ( BABA ) domestic platforms Taobao and Tmall will

begin accepting payments from Tencent's ( TCTZF ) WeChat pay, Alibaba ( BABA ) said

in a statement on Wednesday.

Alibaba ( BABA ) is affiliated with the Jack Ma-founded Ant Group's

Alipay, which is WeChat's main rival for online

payments in China.

Tencent ( TCTZF ) has also been a major investor in other

e-commerce platforms, including Alibaba ( BABA ) rivals JD.com ( JD )

and PDD Holdings' ( PDD ). Both JD.com ( JD ) and Pinduoduo already

offer WeChat Pay as an option.

According to Alibaba's ( BABA ) statement, Taobao and Tmall Group

(TTG) have informed merchants about the draft plan to add WeChat

Pay as a payment option.

It did not make clear how quickly the service was likely to

be completely rolled out to users and Alibaba ( BABA ) did not respond to

queries about the timing.

In quarterly earnings results released last month, Alibaba ( BABA )

said its domestic e-commerce market share had stabilised.

Revenue at the company's domestic e-commerce arm fell by 1%,

but the number of purchasers and their purchase frequency

increased order growth by double digits.

China's e-commerce landscape was originally set up so that

users could only use Tencent's ( TCTZF ) payment system on

Tencent ( TCTZF )-affiliated platforms and Alipay on Alibaba ( BABA )-affliated

ones, but the "walled garden" system has gradually broken down.

Since 2021, WeChat users have been able to share links to

products on Alibaba's ( BABA ) e-commerce platforms, but not complete

transactions with WeChat Pay.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Ford Motor Says Ted Cannis to Step Down as CEO of Ford Pro, Customer Service Division
Ford Motor Says Ted Cannis to Step Down as CEO of Ford Pro, Customer Service Division
Sep 12, 2024
08:40 AM EDT, 09/12/2024 (MT Newswires) -- Ford Motor ( F ) said Thursday that Ted Cannis, chief executive officer of Ford Pro and Ford Customer Service Division, will retire at the end of the month after a 35-year career with the company. Andrew Frick, president of Ford Blue, will temporarily lead Ford Pro until a new CEO is named....
B2Gold, Mali Reach Deal on Fekola Complex
B2Gold, Mali Reach Deal on Fekola Complex
Sep 12, 2024
04:39 AM EDT, 09/12/2024 (MT Newswires) -- B2Gold ( BTG ) said late Wednesday it reached an agreement with the State of Mali on the operation and governance of the Fekola Complex, including the Fekola Mine and Fekola Regional projects. Under the agreement, the company said that initial gold production from Fekola Regional would start in early 2025, with the...
Northampton Capital Partners Offers $12 Cash for Minority Stake in Altius Renewable Royalties
Northampton Capital Partners Offers $12 Cash for Minority Stake in Altius Renewable Royalties
Sep 12, 2024
08:41 AM EDT, 09/12/2024 (MT Newswires) -- Northampton Capital Partners on Thursday said it will acquire a minority stake in Altius Renewable Royalties ( ATRWF ) by buying all the shares that are not indirectly owned by Altius Minerals ( ATUSF ) for $12 apiece. Altius Mineral currently holds 58% of Altius Renewable shares on an undiluted basis. When the...
American Tower Closes Sale of India Operations to Brookfield Asset Management Affiliate
American Tower Closes Sale of India Operations to Brookfield Asset Management Affiliate
Sep 12, 2024
08:24 AM EDT, 09/12/2024 (MT Newswires) -- American Tower ( AMT ) said Thursday it finalized the sale of its 100% stake in its operations in India, ATC India, to Data Infrastructure Trust, an affiliate of Brookfield Asset Management ( BAM ) , for 210 billion Indian rupees ($2.5 billion). The total proceeds include around $320 million from the monetization...
Copyright 2023-2026 - www.financetom.com All Rights Reserved